Trade Setup for Friday 8 Sept 2023: Stock Market Today
Trade Setup for Friday
Trade setup for Friday 8 Sept 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian Stock Markets
Asian stock markets are trading lower on Friday following the negative cues from Wall Street and as Japan released second-quarter final GDP figures. Japan’s Nikkei is trading lower by 0.96 percent, as the country’s economy grew 4.8% in the second quarter, lower than the preliminary estimates and Reuter’s poll.
Hong Kong canceled the morning trading session due to a black rainstorm warning overnight. Australia’s S&P/ASX 200 and South Korea’s Kospi are trading lower by 0.49 percent and 0.43 percent respectively, while the Shanghai index is also trading lower by 0.28 percent. Straits Times and Taiwan are trading in the red on the last day of the week.
Gift Nifty is trading higher by 17 points or 0.09 percent at 19785 levels. The Asian market cues are negative, but Gift Nifty is indicating a positive opening for the Indian stock markets today, traders should remain cautious at a higher level.
U.S. Stock Market Indexes Update
The US stock market indexes closed mixed on Thursday, as tech stocks declined. The share price of Apple closed lower for the second consecutive day after the news that China is looking to broaden the iPhone ban to state-owned companies and agencies. The news dragged other technology and growth-related stocks and witnessed a sharp fall in shares of Apple suppliers and companies having China exposure.
During the week investors continued to worry about the interest rates remaining higher for a longer period due to rising crude oil prices and strong economic data. Thursday’s lower-than-expected jobless claims report indicates strong job markets and further raised concern among investors.
The key US stock market index, Dow Jones erased early losses and closed marginally higher by 0.17 percent, while S&P 500 and Nasdaq indexes trimmed their early intraday losses but closed lower by 0.32 percent and 0.89 percent respectively.
European Stock Market Indexes Updates
European stock market indexes closed mixed on Thursday, as investors assessed US inflationary pressure and eurozone economic data. The European markets opened lower tracking negative cues from US and Asian markets but later recovered most of their losses. The final reading of Eurozone GDP growth revised down to 0.1% from the earlier estimates of 0.3%
The pan-European Stoxx 600 index declined 0.14 percent, logging the seventh straight negative session and marking the longest losing streak for the index since February 2018. Mining stocks declined the most while utility stocks gained on Thursday.
The key European stock market index, CAC closed flat to the positive while DAX was down slightly by 0.14 percent. The UK’s FTSE was up by 0.21 percent at the close.
Indian Stock Market Indexes
Indian stock market indexes closed higher for the fifth straight session on Thursday. The domestic markets opened lower amid weak global cues, and indices recovered in the late morning session on the back of buying in Banking and Realty counters.
The markets were volatile due to the weekly expiry of the Nifty index options on the NSE. The market breadth was strong with the advance decline indicating a ratio of 2:1 at the close. FIIs were the net sellers in the Indian equity cash segment, FIIs offloaded shares worth Rs 758.55 crore while DIIs bought shares worth Rs 28.11 crore.
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